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| 中国企业的慈善捐赠行为可以降低发债成本吗？
摘 要
本文以2010-2019年沪深A股发债上市公司为研究样本，以信用利差测度企业发债成本，检验企业的慈善捐赠行为对企业发债成本的影响。主要研究结果如下：首先，发债企业进行慈善捐赠能够显著降低其发债成本；其次，相对于国有发债企业、融资约束较低的企业，民营发债企业、融资约束较高的企业进行慈善捐赠行为更有利于降低发债成本；同时，相对于高信用评级样本，在信用评级较低的企业样本中，企业的慈善捐赠行为降低发债成本的作用更加明显；最后，本文验证了企业的慈善捐赠行为通过提高市场关注度、信息透明度，进而降低企业的发债成本的理论机制。本文以债券融资成本的角度为企业通过进行慈善捐赠降低其发债成本提供了经验证据。
关键词：慈善捐赠 发债成本 民营企业 融资约束 信用评级 市场关注度 信息透明度
ABSTRACT
This paper takes A-share bond issuing companies listed in Shanghai and Shenzhen stock exchange from 2010 to 2019 as the research sample,and empirically examine the impact of enterprise charitable donation on the cost of debt financing. Results are as follows.Firstly, results show that enterprise charitable donation can significantly reduce the cost of debt financing. Secondly, compared with SOEs and firms with low financial constraint,charitable donation contributes more in private enterprises and firms with high financial constraint. In addition, compared with high credit-rating samples,the effect is more significant in low credit-rating samples. Lastly, results reveal that by increasing market attention and information transparency, charitable donation exerts effect on the cost of debt financing. This paper sheds light on the significance of enterprise charitable donation and finds the potential channels.
KEY WORDS: enterprise charitable donation cost of debt financing private enterprisesfinancial constraint credit-rating market attention information transparency1
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